The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-10-15
WEEKLY TRADE REVIEW.
IN SPITE OF FAVORABLE CONDITIONS
PRICES DO NOT ADVANCE.
A Gain In Roth Exports :and Imports
for Observation-Disclosures Of business
from Formcr Losses Record Of Fail.
urcs.

NEW YORK, Oct. ll.-R, g.. Dun x Co,
in their weekly review OF trade, says: ''In
spite of many favorable conditions noted
last week, prices do not advance, The
treasury added S33, 900, 900 to circulation
in September, and has addcdabout $1,000
600 since, and the Baltimore d Ohio bar.
gain has been ratified, and the Reading re-
organization insured. Yetthe price OF stocks
fell IN Wednesday to m average Of SIS -
per share, the lowest since April and May,
1886, and excepting two weeks then, the
lowest for two years. Wheat has lost every
advance since September %; corn for u
fortnight past, and oats Tor a month past,
have occasionally risen only 10 rccCdo
again. Cotton has declined OF u cent
during the month and pork 81 per bar
rel. Oil is high, but the transactions are
insignificant. Coal is stronger, because of
n strike, but iron and steel are lower. The
elaborate statements Of exchanges Tor the
past year and Il quarter only conceal the
fact that OF late exchanges have been fall
ing behind those of last year, first ut New
York and then ut other chief cities and
New England manufacturing towns.
'ln short, the theory that moro money
inslrcs prosperity comCs 10 grief again.
More than Sl07, 900, 900 have been addcd
Ia circulation within the past fourteen
months, hut the speculation thus stimu-
lated has wrought much harm already and
clouded the future with doubt. While
great activity and expansion are witnessed
in some branches Of business, Others cx-
hibit symptoms Of reaction. Steel
rails are again lower; sales were
made last week for sBi, spring de-
livery, and some makers are urging
general stoppagr of works. Pig-iron, No. l.,
foundry, continues scarce because of the
Ichigh coal strike, but lower quotations
come Tor grey forge, and also for bar
iron. Encouraging statements Of exports
in September show that Of brcadstuils.
cotton, provisions, oil aud cattle, the value
was y per cent. greater than in 1886; u
large decrease appears in wheat, but u
noteworthy increase in flour; Of cattle and
pork exports, decrease onc-half, and there
is some loss in butter, cheese and oil, hut
u gain OF S6,6iO,0O0 in exports Of
cotton. This months exports from New
York show II gain Of q per c against IN
increase of ID per cent. in imports. Ex-
change has advanced this week, because Of
large sales OF stocks on foreign account
and the controlling question in the money
market now is whether the passing II n
dividend by the baltimore & Ohio,
and other events, will M discour-
age foreign holders Of securities M
10 cause extensive selling. But 81. 100, 900
more GOLD arrived on Thursday. ln-
terror reports are uniformly more IN
yorablc. Though tight money and
slow collections ac still nj Otcd
from some points, the pressure " in
most cnscs less severe and collections
rather better. In Texas, where the cotton
Yield Il said to hc m per cent. below last
years, failures arr more numerous, and
traders arr asking indulgence. Hut east
uf the Mississippi money IL generally easier
nc the south, and partial failure VI crops /,
M vet hardly recognized ~ n cause ut dis
turbancc in the northwest. II the actua
ldeSses OF farmers are "a larry NJ the October
bureau reports whnld Indicate, however
some -hrinkagc la the volume al Business
must result.
"11e dry goods trade, though rather less
active, las been fairly satisfactory in vol
ume, with prices well maintained, though
print cloths are u shade lower. Tho
shrinkagc in wool manufactures appear. IL
reported sales 1T wool at Boston, which
werr 81 900, 900 pounds for three months
ending October /, against bs,0OO,OOl
for the simc months last year, but
supplies ON hand NJ the beginning oi the
period may explain part IL the dcCrnSc
The bOot and shoe business IL active ans
healthy. and the leather market NJ lnsI
impmycS. In somc localities at The west.
where real estate speculation began earl,
last fnll, mortgages begin a. rpcn
aud prices ar no longer main
tanned, while bankers dcclinc loans ~
nal estate security. But tfit buildinl
~ milOads and new towns y manu-
featuring ccntcrs sill continues.
"The business failures In the last sever
DAYS number, for the United States, ls2
and Tor Canada, -, or u total 81 2Ol, com
/, pared with 2i2 last week aud l7O for th'
corresponding week in 1856"